The size of the funding to be raised could change and the company’s valuation possibly reach $40 billion, according to the report.

Earlier this month, reports surfaced that Snapchat is planning to go public as early as March 2017. Snapchat’s sales are expected to hit $250 million to $350 million this year, and $1 billion next year. Because its revenue is currently under $1 billion, the company plans to go public confidentially, according to Bloomberg.

Last month, the company changed its corporate name to Snap, Inc. at the same time it unveiled an upcoming pair of video-recording sunglasses designed to let the wearer capture short video clips and post them on Snapchat.

SnapChat Might Be Getting Ready to Go Public

Founded in 2011 as an app for sharing photos and short videos that disappear after the recipient has viewed them, Snapchat was originally an answer to growing teen concerns about permanent online social media potentially haunting users into adulthood. Since then, Snapchat has added other new features and capabilities, like an in-app media hub where users can read bite-sized articles from publishers like People, Vice, and ESPN.